Analysis for October 22nd, 2014
EUR USD, “Euro vs US Dollar”
Euro is consolidating inside the third ascending wave. We think, today the price may form an ascending structure to break this consolidation upwards. The target is at level of 1.2905. After that, the pair may start a new correction to return to level of 1.2760. Later, in our opinion, the market may form the fifth ascending wave with the target at level of 1.3000.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has returned to test its consolidation channel from above. We think, today the price may form another ascending structure to reach the target of the third wave at level of 1.6227. Later, in our opinion, the market may form a correction, the fourth wave, to return to level of 1.6085. After that, the pair may start forming the fifth ascending wave to reach level of 1.6295.
USD CHF, “US Dollar vs Swiss Franc”
Franc is forming a consolidation channel inside the third descending wave. We think, today the price may continue falling to reach level of 0.9330 and then a correction to return to level of 0.9460 to test it from below. Later, in our opinion, the market may form the fifth descending wave to reach level of 0.9235.
USD JPY, “US Dollar vs Japanese Yen”
Yen is moving inside an ascending structure of its correction with the target at 107.56. We think, today the price may form the fifth descending wave to reach level of 105.00, thus completing the first wave of the trend. Later, in our opinion, the market may start forming flag correctional pattern towards level of 108.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still moving inside a wide consolidation channel; the pair has tested the upper border of triangle pattern and returned to the center of the channel. We think, today the price may grow to break the pattern upwards and continue moving to reach level of 0.8880. Later, in our opinion, the market may start a new descending movement to return to level of 0.8770.
USD RUB, “US Dollar vs Russian Ruble”
Ruble has left the channel of the previous ascending structure; the pair has formed a consolidation range at the top of the wave and broken it downwards. We think, today the price may reach level of 40.53 and then start another consolidation to break level of 39.94.
XAU USD, “Gold vs US Dollar”
Gold has completed the third ascending wave and started forming a descending structure. We think, today the price may reach level of 1237. Later, in our opinion, the market may form the fifth ascending wave towards 1287.
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